Former FTX Chief Technology Officer Nishad Singh is attempting to reach a plea deal with prosecutors.
Former FTX Chief Technology Officer Nishad Singh has met with federal prosecutors in hopes of cooperating on the FTX fraud case. He may become a third tainted witness, in addition to former Alameda Research CEO Caroline Ellison and FTX co-founder and CTO Gary Wang.
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Nishad Singh Controversy
1. Nishad Singh is one of the major political donors apart from SBF, having donated over $9.3 million to Democratic candidates and committees.
2. Alameda Research has lent hundreds of millions of dollars to three FTX executives, including $1 billion to SBF, $543 million to Nishad Singh, and $55 million to Digital Markets Co-CEO Ryan Salame.
3. Sources mentioned that U.S. authorities are investigating core FTX executives, including Nishad Singh. Although his name was not in the previous lawsuits by the SEC and CFTC, he is also under investigation by both regulatory agencies.
Bloomberg cited former Manhattan prosecutor Sarah Paul, stating that not all individuals involved in a case can receive reduced sentences by cooperating with the prosecutors. Typically, the first person to come forward is most likely to reach a cooperation agreement with the prosecutors, as it is usually the time when evidence is most urgently needed.
Previously, reports indicated that two top FTX executives, former Alameda Research CEO Caroline Ellison, and FTX co-founder and CTO Gary Wang have pleaded guilty, facing potential sentences of up to 110 years and 50 years, respectively.